Sotheby’s Cut to “Perform” at Williams Capital (BID)

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Auction giant Sotheby's ( BID ) on Wednesday caught a big downgrade from analysts at Williams Capital.

The firm said it lowered its rating on BID from "Outperform" to "Perform" with a $34.50 price target. That target suggests a nearly 7% downside to the stock's Tuesday closing price of $37.03.

Williams noted that weakening sales growth is cutting into BID's margins and earnings, hence the downgrade.

Sotheby's shares posted modest gains in premarket trading Wednesday.

The Bottom Line
Shares of Sotheby's ( BID ) have a .86% dividend yield, based on last night's closing stock price of $37.03. The stock has technical support in the $30-$35 price area. If the shares can firm up, we see overhead resistance around the $40 price level.

Sotheby's ( BID ) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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